Emirates Islamic Bank Personal Loan For UAE Residents and Expats

Emirates Islamic Bank Personal Loan For UAE Residents and Expats

The Emirates Islamic Bank was founded in 2004. The Emirates Islamic Bank personal loan complies with Shariah law, just like all other products offered by the bank. An experienced Shariah Board oversees Emirates Islamic Bank. The bank provides a wide range of goods that combine Islamic banking’s historic principles with contemporary financial practices.

Large loan amounts are available for both UAE residents and ex-pats through the Emirates Islamic personal loan. The Emirates Islamic bank personal loan offers a completely honest banking system with low-profit rate charges and lengthy terms.

Profit Rates for Personal Loans from Emirates Islamic Bank

The Emirates Islamic Bank’s personal loan interest rates are used in place of nominal profit rates because they are personal loan that complies with Shariah.

Category

Max. Loan Amount

Tenor

Profit Rate

Type of Profit Rate

For UAE Nationals

AED 4 million

Up to 4 years

5% – 7% p.a.

Reducing

For Expats

AED 2 million

Up to 4 years

5% – 7% p.a.

Reducing

Features & Benefits of an Islamic Personal Loan from Emirates

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One of the best instances of a Shariah-compliant personal finance solution in the UAE is the personal loan offered by Emirates Islamic Bank. The exceptional qualities and advantages that Emirates Islamic Bank personal loans provide include:

Maximum Amount of Loan

For Emiratis, the maximum loan amount under the personal loan program is AED 4 million. Expats may also benefit from substantial personal loan offers from Emirates Islamic Bank of up to AED 2 million.

Loan Period

Residents of the UAE may apply for any personal loan from Emirates Islamic Bank with a long term of up to 4 years. For loan borrowers, this repayment period offers much-needed flexibility.

Shariah-Compliant

The principles of Islamic Banking are upheld by Emirates Islamic Bank. The personal loan from Emirates Islamic Bank thus provides funding without paying interest. Loan borrowers have consequently assessed a decreasing profit rate.

Payment Transfer

Although there is no option for a personal loan from Emirates Islamic Bank without a salary transfer, the bank only requires a transfer of one month’s pay.

Additional Advantages

One of the most beneficial personal finance options in the UAE is the Emirates Islamic Bank. Borrowers who request loans should expect speedy approvals. They have not assessed any overage fees. Additionally, recipients of Emirates Islamic personal loans are also given a complimentary credit card that has already been approved.

Emirates Islamic Personal Loan Requirements and Eligibility Information

Read More: Mashreq Bank Personal Loan Interest Rates, Salary Requirements, Eligibility

The following criteria must be met for personal loans from Emirates Islamic Bank:

Minimum Age

Age Applicants for personal loans from Emirates Islamic Bank must be at least 21 years old. Furthermore, ex-pats are limited to a maximum age of 60 whereas Emiratis are permitted to apply for Emirates Islamic personal loans up to the age of 65.

Minimum Salary

The Emirates Islamic Bank simply requires a minimum salary of AED 5,000 per month for personal loans. In the UAE, this is one of the lowest wage thresholds.

Payment Transfer

The applicant will also have to transfer their pay, which is another criterion for the loan from Emirates Islamic Bank. It means that the applicant only needs to send one month’s salary to their Emirates Islamic personal loan in order to take advantage of the special personal loan offers.

In accordance with Emirates Islamic Bank’s standards for personal loans, the applicant must submit the following documents:

Application Method (Required Documents)

You can fill out and submit the loan application form online at the Emirates Islamic Bank website.
The candidate for a personal loan from Emirates Islamic Bank must provide identification and address evidence. For solely UAE citizens, proofs can be presented in the form of an Emirates ID, while for ex-pats, proofs can be submitted in the form of an Emirates ID, passport, and UAE visa. Utility bills with the applicant’s name might be used as address proof.

Bank Statement

In order to apply for a personal loan, the applicant must produce their bank statement for the most recent three months.

Trade License

In addition to the above-mentioned conditions for personal loans from Emirates Islamic Bank, candidates for personal loans who are self-employed must also submit a current UAE trade license.

Frequently Asked Questions

Q: How do I figure out the EMI for a personal loan from Emirates Islamic Bank?

Ans: To determine your monthly installment amount, utilize the loan calculator provided by Emirates Islamic Bank.

Q: Do late fees apply to the Islamic personal loan from Emirates?

Ans: The borrower of an Islamic personal loan from the Emirates is penalized AED 200 for each late payment. As every late or missed payment might have a negative impact on their credit score, they should strive to maintain prompt repayment of their personal loan from Emirates Islamic Bank.

Read More: Samba Dubai Personal Loan Rate for Salary and Non-salary Transfer Loans

Q: A No Liability Certificate is what, exactly?

Ans: A No Liability Certificate demonstrates that the loan borrower has not missed any installment payments on a loan. Personal loans from Emirates Islamic Bank offer a No Liability Certificate upon request for a charge of AED 100. After the loan has been entirely repaid, the certificate can be sought.

Q: How do you define Islamic banking?

Ans: Islamic banking strictly abides by Islam’s tenets and is a type of Shariah-compliant banking. Personal loans from Emirates Islamic Bank are an illustration of Islamic banking because they are interest-free, support numerous charity donations, and have no additional costs.

Q: How can I ensure that I qualify for the maximum loan amount?

Ans: The Emirates Islamic Bank allows Emiratis to borrow up to AED 4 million and foreigners to borrow up to AED 2 million. You must fulfill specific requirements for a personal loan from Emirates Islamic Bank in order to be eligible for this maximum loan amount. A high monthly income, a stellar credit history, and the absence of any other open loans or financial obligations may be among these prerequisites.

About LIFEACK.COM

Lifeack.com is owned and managed by Peter Okonkwo. A corporate lawyer, and financial analyst. He has years of experience in insurance, mortgage, and personal loans. He loves writing and playing football. You can contact him through the contact us page.

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